early retirement & job seekers allowance

ExNHSMan

I expect there will be a lot more public sector people in this position over the coming months. I have just been looking at all the options available to me if I am redundant at the end of March 2011.

My personal circumstances (obviously everyone will be different) are pointing to the following events being best financially.

• Take the redundancy package on offer (decent lump sum).
• Sign on for job seekers for about 6 months, at same time genuinely looking for work either full or part time but for less than I was getting.
• If still not found a job, take an early occupational pension - I am over 55 so can do this.
• Pay off my mortgage!
• Have a holiday.
• Still continue looking for work.

Not sure about national insurance, but I have worked for more than 30 years so should qualify for full pension when I am 65 (or will it be 66 or 67?).
I haven't taken independent financial advice on any of this, but the spreadsheet I knocked up for myself seems to work best taking my occ pension early and paying off the mortgage - I will just end up a bit poorer (less pension) after age 75 but by then I won't need to drive a car, etc. and I'd rather have the money now.
If I get a job and start paying tax on total income (job + pension), that's fine.
Good luck to everyone else, whether public or private sector.